The card will enable displaced Ukrainians to send and receive cryptocurrency payments as well as conduct transactions with merchants situated within the European Economic Area.
Binance, the world’s largest cryptocurrency exchange, has launched a crypto card that enables refugees from Ukraine to conduct crypto transactions and receive payments using the Binance Visa Card.
Binance announced a partnership with several organisations, including European banking-as-a-service platform Contis and nonprofit organisations Rotary and Palianytsia, to enable refugees displaced by the Ukrainian conflict to send and receive money and make purchases within the European Economic Area (EEA).
Apart from crypto transactions, cardholders who are verified by their local non-profit organisations will receive financial support from Binance in the form of Binance USD (BUSD). These users will get 75 BUSD every month for three months, the suggested donation level by the UN High Commissioner for Refugees (UNHCR).
According to Helen Hai, head of Binance Charity, the card’s primary aim, as it is not a “commercial product,” is to provide a functional payment instrument for receiving and spending gifts. Hai emphasised that this is a critical way for the world to realise the value of crypto in society.
“The entire world can watch the critical function that cryptocurrency plays and the way it alters our reality. Cryptocurrency is critical in raising critical finances and helping Ukraine with much-needed humanitarian assistance.”
Additionally, Hai observed that this is an excellent illustration of how crypto may be utilised as a way of payment in addition to a means of transaction. Hai feels that cryptography is a tool that has “no borders or restrictions, does not require documentation or other tedious bureaucratic procedures, and is capable of generating results immediately.”
Vitalik Buterin contributed $5 million in Ether (ETH) to Ukrainian relief earlier this month. The Ethereum founder made no public comments regarding his gifts. It was, however, discovered two days later and garnered notice on social media.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.